As most of the articles on this website have been stating over the last 18 months Brexit developments have and will continue to drive GBPEUR exchange rates. Michel Barnier gave the UK a two week deadline 7 days ago and now all eyes turn Theresa May next week to announce potential offers in regards to EU citizens rights and the divorce settlement bill.
I expect this story could have a major influence on GBPEUR exchange rates next week, therefore anyone that plans to make a currency transfer over the next 6 months should formulate a plan this weekend or at the very latest early next week.
As always economic data will also continue to drive exchange rates this week. German Producer Price Index numbers will be released Monday morning and the President of the European Central Bank Mario Draghi will address the public in the evening. Germany is the powerhouse of Europe and of late the countries economic data has impressed which has prompted the President to announce he is happy with economic growth in Germany and across Europe. This could be a good day for the euro.
Wednesday Chancellor Philip Hammond, will release the UK’s budget. Budgets have the potential to have a major influence on exchange rates if there are shock announcements. Keep an eye on this release as anything could happen.
Lastly Thursday a host of economic data is set to be released. Markit manufacturing will be released for Germany, France and Europe. The data releases are set to be a mixed bag therefore I expect a muted reaction on the market. Later in the morning UK GDP numbers are released at 9.30. GDP has been a worry for the UK since Brexit as the UK economy is growing at a slow pace. Again I don’t expect this release to help the pound.
For further information in regards to GBPEUR exchange rates feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with the options available to you and the process of using the company I work for firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **